Comments on: Another View: The Best Way to Protect Borrowershttp://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/
A Financial News Service of The New York TimesTue, 27 Sep 2011 18:14:50 +0000hourly1http://wordpress.org/?v=4.2.9https://static01.nyt.com/images/misc/NYT_logo_rss_250x40.pngNYThttp://www.nytimes.com
By: Hua Qiaohttp://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/comment-page-1/#comment-371789
Tue, 09 Mar 2010 07:29:49 +0000http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/#comment-371789Professor, your article is so full of inaccuracies, half truths and invective, it is not befitting a Professor of Law at a major University. How about a reasoned discussion of the facts? Your arguments sound more like the final summation of an ambulance chasing two bit lawyer who wants to inflame the jury. Please!
]]>By: George Reccohttp://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/comment-page-1/#comment-371749
Tue, 09 Mar 2010 03:07:13 +0000http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/#comment-371749From Comment #5: “More effective…is an anti-tobacco style pr campaign to encourage Americans to save rather than borrow and to live within their means.”

Yes, and a parallel campaign to encourage American bankers to pay themselves reasonable bonuses, to stop pretending toxic assets are AAA-rated, to resign immediately when they end up needing a bailout, etc.

]]>By: Abby Tucson, AZhttp://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/comment-page-1/#comment-371627
Mon, 08 Mar 2010 22:52:19 +0000http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/#comment-371627I was way off on my comparative costs for buying the government. I guess my first figures for 2009 were only banking contributions. The RNC Slush Fund of 1919 was equal to $150 million today, based on bread. That covered everyone who was a player in an unregulating government with special provisions for supporting those who didn’t need it. From mining to minting new citizens to work them, those guys had the nation covered. So, they are over-spending and getting nowhere. Too much money for the same status quo. Congress is making progress! More than doubled their earnings over 90 years. Not us.
]]>By: Abby Tucson, AZhttp://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/comment-page-1/#comment-371565
Mon, 08 Mar 2010 20:42:34 +0000http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/#comment-371565If I don’t get any consumer protection, I’m gonna switch to the Republican Party so I can give McCain a run for his money. I’m not concerned Cray-Z Hayworth would ever get elected in Arizona, but I’ll want to let some Republican blood money. And McCain says he doesn’t like pork. At least as a state we are allowing the exclusion from usary at 36% in our Payday Loan Shark Tanks to expire. We don’t want pork either, John. We want relief from usary and fraud, can’t you dig?
]]>By: George Reccohttp://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/comment-page-1/#comment-371529
Mon, 08 Mar 2010 17:27:12 +0000http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/#comment-371529From Comment #1: “…any sound consumer protection laws must incorporate sound consumer education, and personal financial responsibility”

Sure, just as long as bank executives are required to take similar courses on personal responsibility and accountability.

]]>By: MARK KLEIN, M.D.http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/comment-page-1/#comment-371523
Mon, 08 Mar 2010 17:15:51 +0000http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/#comment-371523More effective than yet another toothless federal agency, and better for America’s long term economic future, is an anti-tobacco style pr campaign to encourage Americans to save rather than borrow and to live within their means.
]]>By: George Reccohttp://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/comment-page-1/#comment-371519
Mon, 08 Mar 2010 17:11:45 +0000http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/#comment-371519>>it is time for Senator Christopher J. Dodd…
>>to secure his lasting legacy in his final months
>>in the Senate by creating an independent
>>Consumer Financial Protection Agency.

The only thing Senator Dodd wants to “secure” is a lucrative, do-nothing job on Wall Street or K Street to feather his retirement nest. It worked for Phil Gramm.

]]>By: Guyhttp://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/comment-page-1/#comment-371517
Mon, 08 Mar 2010 17:04:57 +0000http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/#comment-371517Actually we need a regulator that puts taxpayers first. If there was any abuse in lending it was abuse toward bank shareholders and taxpayers not borrowers.

For every person during 2008-2010 walking away from a liar loan now there is a person who made a tax free profit flipping a house during the 2005-2007 years.

Some of these poor aggrieved borrowers got tax free capital gains, some used liar loans to buy TVs, cars or new kitchens and the ones late to the party got left holding the bag on underwater mortgages and overpriced houses.

That’s life. Yes, we should have sent more real estate agents, mortgage brokers, lying borrowers and bank execs to jail. It is a shame we did not.

Any reform must start with reducing leverage in Fannie Mae and the FHA. Fannie Mae should require 20% down and FHA should require 10% down, and both entities should be required to hold capital levels more in line with commercial banks.

]]>By: Jimhttp://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/comment-page-1/#comment-371505
Mon, 08 Mar 2010 16:17:47 +0000http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/#comment-371505In addition to the issues listed above, we no not need more bureaucracy, with government bureaucrats in charge, they will just make things worse. More government is not the answer, better government is.
]]>By: David Fonanehttp://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/comment-page-1/#comment-371479
Mon, 08 Mar 2010 14:27:29 +0000http://dealbook.nytimes.com/2010/03/08/another-view-the-best-way-to-protect-borrowers/#comment-371479Very insightful but you miss several key components, you did not address the complexity of an independent agency’s ability to build a competent examination staff,enforcement powers,accountability, state and federal charters of finance companies, the agency’s powers to enforce consumer laws across state lines,eg Pay Lenders, State licensed finance companies. Also, any sound consumer protection laws must incorporate sound consumer education, and personal financial responsibility.
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